Olen B Phillips

A representative for a pension plan that lost $900,000 through an alleged massive real estate investment fraud in Ventura County told jurors Thursday that he knew the lead defendant, Olen B. Phillips, for a decade and that Phillips' real estate investment operation exuded a prosperous image.

Thousand Oaks banker Olen B. Phillips pleaded guilty to two counts of a 12-count indictment for bank fraud and could face up to 24 months in prison, an assistant U. S. attorney said Tuesday. And Phillips' banking partner, Phillip L. Chase, will enter a guilty plea today to one charge of the indictment, his attorney said. The indictment by a federal grand jury in Los Angeles accused the two men of understating their debts when applying for loans from banks in Los Angeles and Ventura counties.

A federal grand jury Wednesday indicted two officers of a defunct Thousand Oaks bank, charging them with fraud and misuse of funds in a 1989 scheme to keep their failing bank open so they would not lose millions of dollars they had invested in it. The grand jury charged that Phillip L. Chase, 51, of Westlake and Olen B.

A federal trial is scheduled to start Friday for two officers of a defunct Thousand Oaks bank who are accused of lying to the Federal Deposit Insurance Corp. to keep their failing bank open and their millions in investments intact. Phillip L. Chase, 51, of the Westlake area of Thousand Oaks and Olen B. Phillips, 53, of Oak View have pleaded not guilty to charges that they made false statements to the FDIC, misused bank funds and made false entries on bank records.

A federal trial is scheduled to start Friday for two officers of a defunct Thousand Oaks bank who are accused of lying to the Federal Deposit Insurance Corp. to keep their failing bank open and their millions in investments intact. Phillip L. Chase, 51, of the Westlake area of Thousand Oaks and Olen B. Phillips, 53, of Oak View have pleaded not guilty to charges that they made false statements to the FDIC, misused bank funds and made false entries on bank records.

A Thousand Oaks man accused of perpetrating the biggest fraud in Ventura County history told a courtroom Thursday that he hopes to repay his creditors. "I intend to devote my energy and efforts trying to do that," Olen B. Phillips testified at his Ventura County Superior Court trial. The promise came during Phillips' first full day on the stand since the defense opened its case Monday after nearly six weeks of testimony by prosecution witnesses.

Thousand Oaks banker Olen B. Phillips pleaded guilty to two counts of a 12-count indictment for bank fraud and could face up to 24 months in prison, an assistant U. S. attorney said Tuesday. And Phillips' banking partner, Phillip L. Chase, will enter a guilty plea today to one charge of the indictment, his attorney said. The indictment by a federal grand jury in Los Angeles accused the two men of understating their debts when applying for loans from banks in Los Angeles and Ventura counties.

A small portion of funds frozen last month when the state took over the assets of Olen B. Phillips is expected to be released this week so that the embattled Thousand Oaks real estate financier can pay the mortgage on his home and other personal expenses. According to his attorneys, Phillips, a suspect in the largest alleged fraud scheme in Ventura County history, barely has enough money to buy groceries.

Ventura County officials moved forward Tuesday with plans to auction off almost 400 acres of land in Moorpark to collect overdue property taxes, despite appeals from investors in an alleged fraud described as the largest in county history. About a dozen investors asked the Board of Supervisors to delay an auction of the property, saying their best hope of recovering some of their losses would be private sale of the land.

After presenting more than two months' worth of testimony and more than 500 pieces of evidence in the biggest fraud trial in Ventura County history, attorneys on Tuesday began telling the jury what it all means. In closing arguments that are expected to last through the end of the week, the prosecutor and two defense attorneys are leading the 12 jurors and one alternate through the piles of evidence amassed in the case of Olen B. Phillips of Thousand Oaks and Charles J.

A federal grand jury Wednesday indicted two officers of a defunct Thousand Oaks bank, charging them with fraud and misuse of funds in a 1989 scheme to keep their failing bank open so they would not lose millions of dollars they had invested in it. The grand jury charged that Phillip L. Chase, 51, of Westlake and Olen B.

After presenting more than two months' worth of testimony and more than 500 pieces of evidence in the biggest fraud trial in Ventura County history, attorneys on Tuesday began telling the jury what it all means. In closing arguments that are expected to last through the end of the week, the prosecutor and two defense attorneys are leading the 12 jurors and one alternate through the piles of evidence amassed in the case of Olen B. Phillips of Thousand Oaks and Charles J.

A Thousand Oaks man accused of perpetrating the biggest fraud in Ventura County history told a courtroom Thursday that he hopes to repay his creditors. "I intend to devote my energy and efforts trying to do that," Olen B. Phillips testified at his Ventura County Superior Court trial. The promise came during Phillips' first full day on the stand since the defense opened its case Monday after nearly six weeks of testimony by prosecution witnesses.

A representative for a pension plan that lost $900,000 through an alleged massive real estate investment fraud in Ventura County told jurors Thursday that he knew the lead defendant, Olen B. Phillips, for a decade and that Phillips' real estate investment operation exuded a prosperous image.

The trial of Olen B. Phillips, an airline captain accused of masterminding one of the biggest frauds in Ventura County history, began Wednesday with a prosecutor accusing him of defrauding many investors out of their life savings or retirement nest eggs. "This is basically about the betrayal of trust," Deputy Dist. Atty. Rebecca Riley told the jury.

Ventura County officials moved forward Tuesday with plans to auction off almost 400 acres of land in Moorpark to collect overdue property taxes, despite appeals from investors in an alleged fraud described as the largest in county history. About a dozen investors asked the Board of Supervisors to delay an auction of the property, saying their best hope of recovering some of their losses would be private sale of the land.

The trial of Olen B. Phillips, an airline captain accused of masterminding one of the biggest frauds in Ventura County history, began Wednesday with a prosecutor accusing him of defrauding many investors out of their life savings or retirement nest eggs. "This is basically about the betrayal of trust," Deputy Dist. Atty. Rebecca Riley told the jury.

A Thousand Oaks real-estate financier and a pair of his top company managers have been indicted in connection with an alleged swindle described by investigators as the largest fraud scheme in Ventura County history, authorities said Thursday. Olen B.

A Thousand Oaks real-estate financier and a pair of his top company managers have been indicted in connection with an alleged swindle described by investigators as the largest fraud scheme in Ventura County history, authorities said Thursday. Olen B.

A decision is expected in the next few weeks on whether to indict a Thousand Oaks real-estate financier in what officials call the biggest fraud scheme in Ventura County history, a law enforcement source has told The Times. The Ventura County grand jury has begun hearing testimony on the business affairs of Olen B. Phillips and is expected to decide whether to hand down an indictment as soon as deliberations are completed, the source said.